When it comes to home renovations, it is a big choice for you to make. One thing that homeowners need to consider in this regard is getting a home assessment. This is the value of a property that is calculated by a local government. Local tax assessors find this out based on recent prices of similar homes. They also look at the area’s equalization rate which is the ratio of the assessment to market value.
Getting a home assessment before and after your home renovations will help you plan right and avoid any surprises. These reasons below will show you how a home assessment will come in handy when doing big projects like these.
Helps Make Your Home Renovation Loan An Accurate One
Before starting on your home renovations, you must first work to fund it. One of the best ways to do that is via a home renovation loan. This would be the best time to seek an “As Completed” Home Assessment. This takes into account the home value after the project is complete. To ensure accuracy in finding out the exact loan amount, make sure to provide the inspector the following:
- Design drawings used by the contractor
- Copy of the contract between the owner and the contractor
- Copy of permits that were obtained or will be for the renovation
- Cost breakdown by line-item to be used for the renovation
- Proposed floor plan if square footage is being expanded upon
Having these items handy will give inspectors what they need in finding out future home value. This will help get you an exact loan amount saving you from the stress when it comes time for home renovations.
Helps Keep Your Home Repairs Recorded
When doing simple home renovations, it is crucial to keep records of your home repairs with before and after photos. Even small updates can increase home value. In-home repairs include updating old fixtures, fixing loose floorboards, and removing chipped paint. You also want to test your home devices like smoke alarms as inspectors check for that too. All this will help make your home assessment a pleasant one.
Helps Avoid Surprises After Large Renovation Projects
Lastly, seek a home assessment before starting any large projects such as new landscaping or large in-door projects. Whether adding new walkways or new windows, it could affect your home value as inspectors typically value homes in $500 increments. If you are considering large projects worth more than that, look to get your home assessed afterward. It will help save you from big surprises when it comes to potential home value spikes.
Help Us Plan Your Home Renovation Project Today
Home assessments are a great tool to use when planning your home renovations. It ensures accuracy and helps avoid any surprise costs along the way. On top of that, you will have a successful project in the end.
Looking for a quality home renovation done right? Check out Seven Valley Home Renovations today. We perform all facets of interior remodeling including walls, ceilings, floors, custom moldings, and finishes. Let’s make your dream renovation a reality today.